News
Recent changes in the management and operation of GILD Bankers
At their recent quarterly meeting GILD Bankers Partners carefully assessed current challenges and potential of the leading Baltic investment bank in all its core markets. To remain competitive and be even stronger in the long term, Partners have agreed upon some changes in the management and operation. According to the unanimous decision of GILD Partners, Partner Tõnis Haavel was elected as the new Head of Alternative Funds unit. At the same time Partners expressed full support to Rain Tamm continuing as the Managing Partner.
"GILD Alternative Funds team is facing new challenges in the current market situation that also call for changes and a new approach in the management of the unit. Tõnis has long-term experience in investment management, he was among the founders of GILD in 1999 and today he is willing and motivated to take on the task of leading the entire Alternative Funds team" said Rain Tamm, the Managing Partner of GILD Bankers.
Tõnis Haavel said that in his new role he plans to focus on present investments as the shrinking credit market has changed the nature of majority of them. "In addition we plan to strengthen the internal structural workflow and risk management in GILD Alternative Funds team so that the team can build up even more investment management capacity when markets turn up again, as eventually they will," Haavel noted.
Partner Taavi Lepmets, until recently as the Head of Alternative Funds has made an exceptional contribution in managing funds successfully and building up the unit. From the beginning of next year Taavi will take a sabbatical and will return to contribute to the team in the second half of 2009.
"The Partners of GILD Bankers have also carefully weighed various options to ensure firm's best performance in the current market situation, with a conclusion that at this point cutbacks and structural changes are necessary to remain competitive and be even stronger in the long-term," said Tamm.
To remain efficient GILD Bankers has also decided to make personnel changes. As a result of the structural changes Baltic offices will have total of 13 employees less. GILD Bankers Group continues today with a team of 62 people, being the same size as in the middle of 2007.
In the same time GILD Bankers is restructuring its activities in Ukraine where the company retains presence and continues to manage existing investments, but will discontinue the activities of the permanent representation with 6 employees.
GILD Bankers` core team has been in investment banking for more than a decade. GILD Bankers is and aims to remain the leading investment bank in the Baltics with ambitions in the CEE and CIS region. GILD Partners are committed to overcoming challenges presented by the market and preparing to boost our performance in the next market upturn.
For further information, please contact:
Kadri Kütt
GILD Bankers Communication Manager
+372 56 800 467
kadri.kytt@gildbankers.com